Main benchmark logs steep weekly decline on growing concerns over slowing global economy and uncertainty around US debt ceiling talks
“I feel optimistic that the situation will get resolved, as a US default on debt is simply not an option. That said, because a resolution is the consensus view, a default would trigger a very severe market reaction,” said Seema Shah, chief global strategist at Principal Asset Management.The Iseq All Share index gained 0.7 per cent to 8,609.19, with building materials giant CRH, which generates most of its earnings in the US, advancing 1.1 per cent to €45.
Corre Energy, the renewable energy storage developer, rose 0.6 per cent to €3.28 as it reported that its investment phase saw a €10.6 million loss recorded after tax, in line with expectations, for the year to the end of December.UK’s FTSE 100 gained 0.7 per cent, with mining stocks in the lead tracking higher metal prices, while global miner Rio Tinto surged after a brokerage upgrade.
Insurer and asset manager M&G added 3.3 per cent after Morgan Stanley raised its price target on the stock.Technology, the top sector performer, rallied for a second day on US chipmaker Nvidia’s strong forecast and Marvell Technology’s upbeat AI revenue guidance, with ASML Holding jumping 4.5 per cent to a more than one-year high.
Swedish gaming company Embracer jumped 13 per cent on news of board members buying in total more than 6 million shares.Casino slumped 6.4 per cent as analysts point to continued uncertainties around its unsecured debt, even as the debt-saddled retailer started court-backed negotiations with creditors.
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